Environment, Social and Governance

Introduction

We aim to create long-term value for our stakeholders and society through managing our resources in a responsible manner. Safety is our number one priority, and we aim to be leading on Environmental, Social and Governance (ESG) performance.

Our ambition is to be a top quartile oil and gas company measured in carbon intensity by 2030. Safety, decarbonisation, diversity, and a positive impact on society are all integral elements of our strategy for long-term value creation.

We support the goals of the Paris Agreement and recognise the need for the oil and gas industry to reduce its greenhouse gas footprint. We are focused on reducing emissions across our operations and portfolio and we support the Norwegian oil and gas industry’s target to reduce emissions by 50 percent by 2030 and achieve net zero emissions by 2050.

Although our strategy is focused on oil and gas, we aim to deliver oil and gas with the lowest possible emissions, and we also seek to develop low carbon business options needed to reach the net zero goals, focusing on carbon storage.

Sustainability report 2022

Our ESG strategy consists of four pillars

Integrating ESG

ESG is a core element of our strategy, to add value, grow and future-proof our business.

Climate and environmental impact

We will continuously work to reduce the carbon footprint of our business and always operate in an environmentally responsible manner.

Social responsibility

We will provide good, healthy, and safe working conditions for our employees and contribute positively to the community around us.

Transparent
Governance

We hold ourselves accountable to our stakeholders’ expectations by being transparent about our performance and impact.

Carbon Capture &
Storage (CCS)

The challenge

As an oil and gas company we acknowledge that climate change is our most challenging sustainability issue. The energy transition offers significant business opportunities. We will focus on areas where our competencies can help in contributing to an emission reduction while maintaining the competitiveness of oil and gas in a low carbon future.

Our focus

For now, that means focusing our efforts on CO₂ storage. With CO₂ storage as a foundation, we may also explore additional low carbon opportunities in the longer term. We have identified and matured opportunities for large-scale carbon storage on the NCS, and in August 2023 we were awarded the Trudvang CO₂storage licence in the North Sea.

About Trudvang

The Trudvang licence has the potential to store nine million tons of CO₂ annually for at least 25 years. This corresponds to approximately 20 percent of Norway’s annual CO₂ emissions.

The Trudvang licence is located in the Norwegian North Sea, east of the Sleipner field and approximately 165 kilometers from the Norwegian coast. The reservoir itself is located in the Utsira Formation.

The Trudvang project involves capturing CO₂ from several emission sources in North-West Europe and then transporting the CO₂ to export terminals. From there, the CO₂ will be transported either via ship or pipe to the Trudvang location for injection and permanent storage under the seabed.

First, a two-year planning phase will be conducted following the licence reward. The plan is to be in position to start storing CO₂ in 2029.

Sval is the operator of the Trudvang licence with a 40 percent ownership stake. Storegga and Neptune Energy each own 30 percent.

Trudvang location map

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Trudvang location map (png, 253.6 KB)

Our commitment

Health and safety

We are committed to protecting the health and safety of everyone involved in our activities. We put the protection of people first and apply high standards of practice through a process of continual improvement. Our ambition is that no employee working on our behalf shall feel unsafe, nor shall unequal opportunities or discrimination take place in our working environment.